Systems and methods for managing transactions for a merchant

Abstract

A method and system for managing payment transactions for a merchant using a computing device coupled to a memory device is described. Each transaction is initiated by a consumer using a payment card. The method includes receiving a registration request from a candidate merchant for enrollment within a manager module wherein the registration request includes registration data associated with the candidate merchant, executing a primary approval process using at least some of the registration data, and transmitting an account request message requesting an opening of a merchant account for the candidate merchant with an acquiring bank upon approval. The method further includes receiving, in real-time, merchant account data associated with the candidate merchant from the acquiring bank upon approval by a secondary approval process wherein the candidate merchant becomes a registered merchant upon the secondary approval. The method further includes managing a first payment transaction submitted by the registered merchant.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application claims the benefit of U.S. Provisional Application No. 61 / 635,154, filed Apr. 18, 2012, and of U.S. Provisional Application No. 61 / 751,166, filed Jan. 10, 2013, both of which are hereby incorporated by reference in their entireties.BACKGROUND OF THE INVENTION[0002]This invention relates generally to managing transactions for a merchant and, more particularly, to network-based methods and systems for registering and underwriting a merchant with an acquiring bank in real-time for processing payment card transactions, and managing the transactions for the merchant including providing transaction management services to the merchant.[0003]There are service provider companies that provide a variety of services to numerous consumers. These service provider companies utilize computer systems to provide these services. For example, in the financial industry, companies such as large banks, interchange networks and payment networks ...

AI Technical Summary

Benefits of technology

The patent describes a computer system that allows a merchant to manage payment transactions using a manager module hosted by a service provider computer system. The system includes a memory device for storing data and a processor for executing the system. The system can receive a registration request from a candidate merchant, execute a primary approval process, and transmit an account request message to an acquiring bank for opening a merchant account. The system can also receive merchant account data from the acquiring bank in real-time and manage a first payment transaction. The technical effect of the system is to streamline the process of managing merchant transactions and improve efficiency.

Problems solved by technology

In many cases, access to this financial data is restricted to certain approved users.

However, it also limits the potential uses of the data.

The process of submitting and reviewing the merchant application is very complicated and time consuming, and can prevent many smaller to mid-size merchants from even trying to register for such services.

Because of these complexities in trying to navigate the payments ecosystem, many merchants, developers and entrepreneurs have had to forego transacting business using payment card transactions.

In addition, these merchants, who are essentially left out of the payment card processing industry, are unable to access many services relating to the payment card processing industry.

In other words, these known systems, which are extremely complex, do not enable most small or mid-size merchants to easily register for processing payment card transactions and do not provide transaction management services to these merchants, which would enable these merchants to more efficiently operate their businesses.

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